DUNKIN’ & PICCADILLY

NEW CONSTRUCTION - 10 YEAR NNN LEASES

DUNKIN' & PICCADILLY

CORDOVA, TN (MEMPHIS MSA) OFFERING MEMORANDUM

NON-ENDORSEMENT AND DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. ? 2019 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROP ERTY SHOW ING S A RE B Y A P P OI NTM ENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DUNKIN' & PICCADILLY

CORDOVA, TENNESSEE

EXCLUSIVELY LISTED B Y:

DUSTIN JAVITCH Senior Associate

Net Leased Properties Group CLEVELAND

Phone: (216) 264-2025 Dustin.Javitch@

License: OH SAL.2012000193

CRAIG FULLER Senior Vice President Investments Senior Director, National Retail Group

CLEVELAND Phone: (216) 264-2043 Craig.Fuller@ License: OH SAL.2008001551

ERIN PATTON Senior Vice President Investments Senior Director, National Retail Group

COLUMBUS Phone: (614) 360-9035 Erin.Patton@ License: OH SAL.2004010274

SCOTT WILES Senior Vice President Investments Senior Director, National Retail Group

CLEVELAND Phone: (216) 264-2026 Scott.Wiles@ License: OH SAL.2005013197

JODY MCKIBBEN Broker of Record

Vice President, Regional Manager MEMPHIS

Phone: (615) 997-2860 Jody.McKibben@

License: TN SAL.307629

OFFICES NATIONWIDE AND THROUGHOUT CANADA

WWW.

D U N K I N ' & P I C C A D I L L Y // P R O P E R T Y A N A L Y S I S

OFFERING HIGHLIGHTS

DUNKIN' & PICCADILLY

775 N. Germantown Parkway, Cordova, TN 38018

OFFERING PRICE

$2,294,000

VITAL DATA Price Cap Price Price/SF Gross Leasable Area (GLA) Occupancy

5

CAP RATE

6.50%

$2,294,000 6.50%

$573.50 4,000 100%

EXECUTIVE SUMMARY

DUNKIN' & PICCADILLY

775 N. Germantown Parkway Cordova, TN (Memphis MSA) 38018

D U N K I N ' & P I C C A D I L L Y // P R O P E R T Y A N A L Y S I S

MAJOR TENANTS

Tenant Dunkin' Piccadilly To Go

GLA 2,000 SF 2,000 SF

Lease Exp. 11/2026 6/2028

Lease Type NNN NNN

6

OFFERING SUMMARY

Offering Price Cap Rate Gross Leasable Area (GLA) Price/SF Year Built Lot Size Occupancy

$2,294,000 6.50% 4,000

$573.50 2016

.66 Acres 100.00%

VITAL DATA

Current Net Operating Income Year 1 Cash-on-Cash Return Year 6 Cash-on-Cash Return

$149,000 6.50% 7.18%

DEMOGRAPHIC SUMMARY

2017 Population 2022 Population Projection 2017 Households 2022 Households Projection Average Household Income Median Household Income

1-Mile 9,297 9,777 4,087 4,371 $80,189 $64,819

3-Miles 63,864 70,386 26,132 29,114 $91,812 $69,504

5-Miles 159,659 173,101

62,055 68,093 $101,210 $70,653

MAJOR AREA EMPLOYERS

Major Employers Baptists Memorial Healthcare International Paper Accredo Health Incorporated Efs Transportation Svcs Inc.

Employees 4,485 3,443 2,868 2,000

Industry Healthcare Manufacturing Healthcare Transportation

INVESTMENT OVERVIEW

INVESTMENT HIGHLIGHTS

D U N K I N ' & P I C C A D I L L Y // P R O P E R T Y A N A L Y S I S

Marcus & Millichap is pleased to present a 4,000 square foot, 100 percent occupied strip center consisting of Dunkin Donuts and Piccadilly To Go. Both leases were signed to initial 10 year terms and include a ten percent rental increase during the base term and renewal options. The Dunkin Donuts lease includes a personal guaranty with a new worth of over $35 Million from the experienced franchisee and operator. The Piccadilly To Go lease is guaranteed by parent company Falcon holdings, LLC, a large private company and experienced operator of over 300 restaurants including Churches Chicken, Hardees, Long John Silvers and A&W restaurants.

New Construction 100% Occupied, 4,000 SF Dunkin' Donuts and Piccadilly To Go Center in Cordova, TN (Memphis MSA)

Newer 10-Year Triple-Net Leases with Internet-Proof Service- Oriented Businesses

Substantial NOI Growth: 10% Rent Increases for Both Tenants Take CAP Rate to 7.18% in 2023

Strong Dunkin' Donuts Franchisee Guaranty with $35 Million Net Worth

Piccadilly Corporate Guaranty | Owner of 40 Piccadilly Restaurants and 250+ Other Restaurants

The property is located at 775 N. Germantown Parkway in Cordova, Tennessee. Cordova is a community in Shelby County that lies east of Memphis and north of Germantown. The subject property is well -positioned, benefiting from its proximity to many

Both Leases Include Two, Five-Year Options with Rental Increases

Ease of Management: Only Two Tenants; Fully Reimbursed Operating Expenses, Management and Admin Fees

major national and local retailers. Major national retailers in the area include: Walmart, Target, Kroger, LA Fitness, Walgreens, CVS

LOCATION HIGHLIGHTS

Pharmacy, O'Reilly Auto Parts, AutoZone, Starbucks, McAlister's

Deli, Outback Steakhouse, Panera Bread, O'Charley's, Taco Bell, Great Access and Visibility to North Germantown Parkway with

IHOP, Panda Express, and McDonald's among various others.

56,600+ Vehicles per Day

The property is located adjacent to many other new construction retail developments along North Germantown Parkway. In Cordova, retail growth exploded in the late 1990s thanks to the Wolfchase Galleria shopping mall. Today, most the growth is along the Houston Levee Rad and Macon Road as well as major

Located Adjacent to New Construction Developments Including LA Fitness, Chipotle, Discount Tire, Aspen Dental and Hardee's

Affluent Trade Area: Average Household Income of $101,210 Within Five Miles

retail and commercial centers on Germantown Parkway.

Strong and Growing Population: Over 159,600 Residents Within

Cordova has approximately 63,964 individuals residing within a three -mile radius of the property and more than 159,659 within a five -mile radius. The property is located on North Germantown Parkway, which has average daily traffic counts (ADTC) of 56,636

Five Miles | 10.2% Projected Growth Over Next 5 Years Within 3 Miles

Dense Retail Corridor: Nearby Retailers Include Walmart, Kroger, Target, Walgreens and CVS Pharmacy

vehicles.

7

Tennessee is an Income Tax Free State

RETAILER AERIAL

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D U N K I N ' & P I C C A D I L L Y // P R O P E R T Y A N A L Y S I S

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